Entercom Q2 Revs Down
August 3, 2009 at 6:13 PM (PT)
ENTERCOM COMMUNICATIONS CORP. second-quarter net revenues fell 18% to $101.3 million, with station operating expenses down 10% to $66.5 million. EBITDA decreased 32% to $30.1 million, and net loss per share, including a non-cash intangible impairment charge of $67.7 million, was $1.19. Adjusted net income per share fell 34% to 29 cents.
Pres./CEO DAVID J. FIELD said, "Second-quarter results improved modestly from first quarter as business conditions remained weak, but stabilized and strengthened slightly off of their lows. We continue to make progress towards our goals of emerging from the recession with enhanced capabilities, a stronger competitive position and an improved business model. Over the past 12 months, we have trimmed our debt by well over $100 million, significantly reduced operating expenses, grown our broadcasting, streaming and website audience ratings, and added new products and programs to increase our value to our customers. And as the economy recovers, we believe radio is well-positioned for revenue growth based on strong audience listening trends and the medium’s outstanding value proposition to customers."